28128 N Highway 41 Trlr 28

Spirit Lake, ID 83869

$84,700B-

3 bd · 1.5 ba · 840 sqft · Built 1971 · Manufactured · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,119/mo
• Mortgage (P&I): −$444
• Tax + insurance: −$141
• HOA: −$0
• Vac / Maint / Mgmt: −$235
• Net cashflow: $299/mo
• Annual: $3,588/yr
• Cap rate: 10.53%
• Cash-on-cash: 15.13%
• DSCR: 1.67
• 1% rule: 1.32%
• Cash to close: $23,716

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $85k. Condition is rated good.
• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• It's been on market 36 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $586 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#114 in ID) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime A-; Watch: employment D+, amenities F, commute F.
• Lakeland District (rural): math 41% / reading 57% proficiency, ranked #34 of 92 in ID (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spirit Lake Elementary School (math 37% / reading 52%, grade F, #199 of 357 statewide, top 59%, 298 students, 40% FRL); Timberlake Middle School (math 43% / reading 59%, grade C, #29 of 109 statewide, top 26%, 380 students, 31% FRL); Timberlake Senior High School (math 32% / reading 72%, grade D+, #30 of 169 statewide, top 21%, 561 students, 21% FRL).
• Market conditions: 105 active listings in the ZIP; 1,606 units permitted in Kootenai County in 2024 (154 in 5+ unit buildings).
• Kootenai County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.5% vs local median 0.1% in Spirit Lake — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.